Inox Clean Energy Ltd. on Monday said its arm, Inox Neo Energies, has completed the acquisition of Skypower Solar India for an enterprise value of Rs 265 crore.
Skypower Solar India has a portfolio comprising 50 MW (AC)/ 57.5 MW (DC) of solar power assets located in Madhya Pradesh, a company statement said.
According to the statement, the transaction values the asset at an enterprise value of around Rs 265 crore.
"At Inox Clean, we are substantially scaling up our IPP capacity under Inox Neo both organically and inorganically. The acquisition of Skypower, a 50 MW solar power asset aligns well with our inorganic growth strategy. This asset has strong operational and financial credentials, and is value-accretive from day one.
"Importantly, the acquisition is well within the Group's valuation framework and we continue to be on the lookout for such opportunities which will aid our plans of reaching 3 GW of hybrid installed capacity in the next 2-3 years," Inox Clean Energy CEO Bharat Saxena said.
Inox Clean Energy's renewable independent power producer arm, Inox Neo Energies Pvt Ltd, has completed the acquisition of Skypower Solar India Pvt Ltd, the statement said, adding that the 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in Khandwa district of Madhya Pradesh.
The power generated is tied up under a 25-year PPA (power-purchase agreement) with Madhya Pradesh Power Management Co. (MPPMCL).
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